KRW Q&A

What tax and NIC will i owe on the SEISS grants?

KRW Q&AJuly 30, 2021|In KRW Q&A|By Keith WitchellNow that we’re into the full swing of preparing 2020/21 Self Assessment Tax Returns, we’ve had a number of clients query their tax bills,…


What’s the crack with the super-deduction? what can i use it on?

KRW Q&AMarch 18, 2021|In KRW Q&A|By Keith WitchellRishi Sunak certainly bigged up the new super-deduction in the Budget earlier this month, prompting many clients to get in touch to see how…


Can a director be furloughed under the job retention scheme?

KRW Q&AMay 24, 2020|In KRW Q&A|By Keith WitchellThe Job Retention Scheme allows for 80% of a furloughed employee’s wages to be reclaimed from HM Revenue & Customs, providing they are…


Can i reclaim vat if my business purchases a car?

KRW Q&AJuly 28, 2019|In KRW Q&A|By Keith WitchellThis question comes up regularly from clients buying a new car, or a second-hand VAT qualifying one: Can the VAT be reclaimed? In the majority…


What tax relief can i claim for working from home?

KRW Q&AJanuary 31, 2019|In KRW Q&A|By Keith WitchellMost business owners will do some of their work from home, but what tax relief can they claim for this? An unincorporated taxpayer (i.e., a…


How do the property and trading allowances work in practice?

KRW Q&ADecember 3, 2018|In KRW Q&A|By Keith WitchellIn April 2017 the government introduced two new £1,000 per annum tax-free allowances in relation to property and trading income. So, how do…


How does inheritance tax taper relief work in practice?

KRW Q&ASeptember 28, 2018|In KRW Q&A|By Keith Witchell Taper relief reduces the Inheritance Tax payable on gifts made during a taxpayer’s lifetime, providing they survive at least 3 years…


Will Entrepreneurs' Relief apply if I sell a property used in my business?

KRW Q&AAugust 31, 2018|In KRW Q&A|By Keith WitchellEntrepreneurs’ Relief applies to the sale of business assets or shares in a trading company, reducing the Capital Gains Tax rate to 10% for…


What are the Corporation Tax quarterly payment thresholds for a group?

KRW Q&AJuly 10, 2018|In KRW Q&A|By Keith WitchellMany readers are probably blissfully unaware of the Corporation Tax quarterly payment regime, since this only applies to companies with annual…


Can any VAT be reclaimed when you take a client out to lunch?

KRW Q&AJune 7, 2018|In KRW Q&A|By Keith WitchellMost readers are probably familiar with the general block on reclaiming VAT on costs associated with entertaining customers or suppliers. But…